Construction and Line Item Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2011

Construction and Line Item Joint Ventures [Abstract]

Schedule of Unconsolidated Joint Ventures [Table Text Block]

Following is summary financial information related to unconsolidated construction joint ventures:



(in thousands)	June 30, 2011		December 31, 2010		June 30, 2010
Assets:
Total	$	588,152	$	531,319	$	412,165
Less partners’ interest	357,929		324,485		253,234
Granite’s interest	230,223		206,834		158,931
Liabilities:
Total	385,084		364,253		250,868
Less partners’ interest	242,514		232,135		164,508
Granite’s interest	142,570		132,118		86,360
Equity in construction joint ventures	$	87,653	$	74,716	$	72,571



	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2011		2010		2011		2010
Revenue:
Total	$	224,498	$	136,592	$	424,266	$	258,398
Less partners’ interest¹	163,932		91,875		290,278		179,635
Granite’s interest	60,566		44,717		133,988		78,763
Cost of revenue:
Total	183,130		119,209		334,010		228,384
Less partners’ interest¹	128,495		75,442		230,359		149,929
Granite’s interest	54,635		43,767		103,651		78,455
Granite’s interest in gross profit	$	5,931	$	950	$	30,337	$	308

¹Partners’ interest represents amounts to reconcile total revenue and total cost of revenue as reported by our partners to Granite’s interest adjusted to reflect our accounting policies.

Schedule of Consolidated Joint Ventures [Table Text Block]

The carrying amounts and classification of assets and liabilities of construction joint ventures we are required to consolidate are included in our condensed consolidated financial statements as follows:



(in thousands)	June 30, 2011		December 31, 2010		June 30, 2010
Cash and cash equivalents	$	89,666	$	109,380	$	105,690
Other current assets¹	35,183		50,344		36,361
Total current assets	124,849		159,724		142,051
Noncurrent assets	11,012		2,561		829
Total assets²	$	135,861	$	162,285	$	142,880

Accounts payable	$	37,229	$	33,078	$	32,145
Billings in excess of costs and estimated earnings	41,386		46,475		66,706
Accrued expenses and other current liabilities	9,147		11,633		11,125
Total current liabilities	87,762		91,186		109,976
Noncurrent liabilities	—		3		505
Total liabilities²	$	87,762	$	91,189	$	110,481

¹Prior period amounts have been revised to conform to current year presentation. The revisions had no impact on the consolidated balances or on the accounting for consolidated construction joint ventures.

²The assets and liabilities of each joint venture relate solely to that joint venture. The decision to distribute joint venture cash and cash equivalents and assets must generally be made jointly by all of the partners and, accordingly, these cash and cash equivalents and assets generally are not available for the working capital needs of Granite.